Commentary, information, and intelligent discourse about the Irish economy

Reaping the Benefits of Globalisation: What are the Opportunities and Challenges for Europe and Ireland?

This Conference, jointly organised with the European Commission, is an associated event of the Irish Presidency of the Council of the EU. It will present and discuss the main findings of the 2012 edition of the European Competitiveness Report as well as recent related empirical evidence and their implications for industrial and innovation policies in Europe and Ireland. The Conference Programme and more information are available here.

““Reaping the Benefits of Globalisation: …” This is a very bad joke? Right?

So there are 150 undergrads in ECON 30100 (International Trade). The lecturer solemnly intones (they are always solemn about this) – “Free Trade good, Autarky bad” “With Free Trade everyone is better off. Sure, there will be winners and there will be losers – but everyone will be better off”. At this point I start to have a fit of the giggles. Its complete rubbish.

And to prove up this rubbish I engage in many dreary episodes of partial differentations using catchy Cobb-Douglas expressions – with only two factors of production – you understand. This is the sort of intellectual crapola that passes for academic engagement with, what I now appreciate, is a very tricky political economic subject indeed.

Globalisation is not the only movement under threat. Capitalism itself is being questioned in the US or at least the nakedly exploitive version practiced from the Regan era onward. Bill Moyers and Richard Wolff engage in a one hour discussion on the subject in the link.

Beppe Grillo’s Five Star party support has shaken markets word wide since the results of the Italian election were announced. Frankfurt and Berlin now see the writing on the wall.